Ally Commercial Finance to be Aligned Under Ally Bank
Business also announces name change to Ally Corporate Finance
Apr 30, 2014
NEW YORK, April 30, 2014 – Ally Commercial Finance, a unit of Ally Financial Inc. (NYSE: ALLY) that provides senior secured commercial-lending products to primarily U.S.-based, middle-market companies, today announced that effective, May 1, 2014, it will be aligned under Ally Bank, the direct banking subsidiary of Ally Financial.
The move into Ally Bank will provide a stable, competitive source of funds to support the continued success and growth of the business. In conjunction with the move, the business will change its name to Ally Corporate Finance, to more closely reflect its current business objectives and customer base.
“Ally Corporate Finance has been a dependable and creative provider of financial solutions for our middle-market clients and the private equity community for over ten years,” said William Hall Jr., president and chief executive officer of Ally Corporate Finance. “The move into Ally Bank provides us with a stable, highly competitive cost of funds in addition to the obvious benefits of being part of such a highly regarded banking franchise.”
Ally Corporate Finance’s principal products are secured, floating rate revolving lines of credit and term loans that generally have maturities of five to seven years. The business is headquartered in New York and has offices in major cities across the U.S.
About Ally Corporate Finance
Ally Corporate Finance, a unit of Ally Bank, provides senior secured commercial-lending products to primarily U.S.-based middle market companies. Ally Corporate Finance lends to manufacturers, distributors, service companies and specialty sectors such as healthcare, retail, and automotive. Loans generally range from $15 to $250 million and include enterprise value-based cash flow loans and asset-based loans to support refinancing, growth, acquisition and/or recapitalization. Learn more at www.allycf.com.